Negative Outlook bond rating for Pleasant Hill Recreation and Park District

Financial storm clouds remain on the horizon for the Pleasant Hill Recreation and Park District (PHRPD), established in 1951. Following review of the District’s finances, including June 30, 2012 financial statements, a February 8, 2013 report from Fitch Ratings affirmed an “A” rating and “negative rating outlook” for $20 million in District general obligation (GO) bonds approved by voters in 2009. Continue reading “Negative Outlook bond rating for Pleasant Hill Recreation and Park District”

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California IOUs no good say banks

Beginning Friday, July 10, Bank of America, CitiGroup, Wells Fargo, Morgan Chase, and other major banks will no longer accept the $3 Billion in California IOUs the bankrupt state plans to issue.

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Beginning Friday, July 10, Bank of America, CitiGroup, Wells Fargo, Morgan Chase, and other major banks will no longer accept anymore of the $3 Billion in California IOUs the bankrupt state plans to issue in July alone.

According to the Wall Street Journal report, today, “If California continues to issue the IOUs, creditors will be forced to hold on to them until they mature on Oct. 2, or find other banks to honor them. When the IOUs mature, holders will be paid back directly by the state at an annual 3.75% interest rate. Some banks might also work with creditors to come up with an interim solution, such as extending them a line of credit, said Beth Mills, a California Bankers Association spokeswoman.”

Meanwhile, Fitch Ratings on Monday dropped California’s bond rating to BBB, down from A minus, the latest in a series of ratings downgrades for the state.

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